Brent crude has surpassed $90 per barrel for the first time amid escalating geopolitical tensions in the Middle East. This surge follows warnings of prolonged conflict and potential supply disruptions.
Qatar's energy minister cautioned that the ongoing war could push oil prices as high as $150 per barrel. Traders are now factoring in a protracted conflict, intensifying energy supply concerns across the region. Iraq has halted most of its oil production, with Kuwait potentially following suit. Analysts warn that even Saudi Arabia could face pressure to reduce output.
Brent crude saw a nearly 7% rise to $91.33 per barrel, while West Texas Intermediate climbed approximately 13% to near $89 per barrel. The oil price rally has unsettled financial markets, with Bitcoin and major equity indices experiencing declines.